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CONNECTING YOUR HR SYSTEMS WITH THE REST OF THE BUSINESS

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CONNECTING YOUR HR SYSTEMS WITH THE REST OF THE BUSINESS

 Integration of systems and the sharing of data is key to running a successful business, no matter how big or small the company. HR is no exception, and HR systems should connect to others for both reporting and triggering actions. A useful suite of standard reports configured by HR software should include:

  • HeadcountHR
  • Employee turnover & stability
  • Departmental salaries & payroll
  • Absence costs by department
  • Objectives met and outstanding – individually and within department
  • Training needs met and outstanding – individually and within department

 

Such reports are only as good as the quality of the information within them. All too often, reporting in a business is full of errors, due to a failure to cleanse and update data on a regular basis. Once the integrity is questioned, it is very difficult to get confidence restored in the system.

Training is also important. Make sure that everyone who needs to know how to use the systems in your business receives adequate training. For example, Finance should be trained on how to run reports from the HR system in order to run cost and budget reports, which are affected by HR data such as headcount etc.

After reporting, your business should also consider triggered actions. Actions which are automatically triggered could include appraisal dates, probation review, sickness absence reports, etc. Triggered actions can help to reduce the admin workload for HR and are useful in helping busy managers ensure that work gets completed as it should.

 

TIPS FOR BUYING OUT A COMPETITOR

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TIPS FOR BUYING OUT A COMPETITOR.

As the economy begins to recover, many businesses are finding themselves in a rather enviable position: large cash reserves in the bank and weaker competitors just waiting to be snapped up (for a bargain price!). So you know you want to expand by acquiring another firm, but where to start? comp

Analyse Your Business

Start with a good old-fashioned SWOT analysis. Get a flip chart and a marker and, with your management team, write up the Strengths, Weaknesses, Opportunities and Threats of your business. Now identify the gaps; if for example, a weakness is that you have only 3 large clients, you could fill that gap by buying a competitor who has a further 4 large clients, thereby giving you 7 large clients. Repeat this process for the other areas.

Search for a Business

Now that you have your criteria from SWOT analysis, make sure you know how to look for a business. Don’t just go to one source; really check multiple (and reliable) sources to find the business that is right for you. Talk to your team and establish a list of competitors who are considered to have a good client base, good products or services, a good reputation etc. Get the right team of advisors in place (accountants, lawyers, etc.) and draw up a plan.

Value the Business Properly

Your accountant can help you with this, but you should read up and understand the basic financial techniques to value a business; it’s cash flow and other assets. Know how to prepare a basic business plan in order to make projections into the future. You should conduct research in order to understand how the business is getting its customers. Know how it delivers goods and services. You should try to gain an understanding of the cash flow and think about how you can maintain this flow before thinking about increased profitability.

Structure and Finance

Your advisors should be able to give you a basic understanding of how the business valuation and related cash flow tie together. Make sure you examine a number of possible ways to put a transaction together in order to overcome different risks. Your legal team and accountant should provide guidance on the best way to structure the deal and finance it in order to complete the acquisition.

 

ENSURING YOUR STRATEGY WORKS AT ALL LEVELS IN YOUR FIRM

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ENSURING YOUR STRATEGY WORKS AT ALL LEVELS IN YOUR FIRM

High-level strategy gives direction to the management team of a business. However, such high level plans can often prove to be of little use to other workers within the organisation. Aspects of the strategy must be distilled down to actions and plans which will drive the various areas of the business towards the common goals outlined in the overall strategy.

strategy

It is often said that a strategy doesn’t fail in its formulation but in its implementation. The key to implementing a strategy successfully is communication.

Many leadership teams, in their excitement and enthusiasm to turn their strategy into reality, fail to take the necessary steps to ensure that it can be delivered effectively by the various departments in the firm. Taking the time and energy to translate your strategic vision into operational success, demands that you focus on the following:

Communication – Your strategic intent and agenda should form the basis of all your communication with the business. When you make and communicate a decision, for example, you should clearly state how it will help move the strategy of the business forward.

Resources – Resources should be allocated on the basis of their ability to deliver the agreed strategy, and not simply reflect historic trends and decisions.

Alignment – The goals of the business must align with the objectives of the departments and people within the firm. Tiny differences of opinion in the boardroom can become huge divisions across the organisation, rapidly reducing your chances of successful implementation.

People – Your best and most appropriate people should be leading the delivery of your key strategic objectives. Not only does this increase the firm’s chances of success, but it also sends a signal to the business about what management considers to be important.

Accountability – The individual performances, and the collective performance of the team, should be directly based on implementing the strategy.

Measurement – Your KPIs should mirror the strategy, as should your associated rewards and bonuses. If you are serious about your strategy you will define appropriate ways to track its delivery and effectively report on progress.

 

2018 Personal Income Tax Return

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You should register for self-assessment if you are self-employed, receive income from non-PAYE sources such as rental income, investment income, maintenance payments etc. or you profited from share options or share incentives. You are not required to register for self-assessment if:

  • You only have PAYE income or
  • Your taxable non-PAYE income does not exceed €5,000 and your gross non-PAYE income does not exceed €30,000.

If you are required to file a personal income tax return, now is the time to prepare all the information to submit your 2018 Tax Return. Your 2018 Personal Income Tax Return must be submitted to the Inspector of Taxes by 31st October 2019. This return is a statement of all your income and capital gains for the year ended 31st December 2018.

Continue reading “2018 Personal Income Tax Return”

COMMUNICATION & PERFORMANCE MANAGEMENT.

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COMMUNICATION & PERFORMANCE MANAGEMENT.

Good communication is key in any business and no more so than when it comes to performance management in a firm. Issues relating to staff members and the performance of their duties arise often when running a business (or a department for that matter). Whether it is timekeeping and attendance issues or failing to complete a task, such issues should be resolved as soon as possible. Good communication skills are key if issues are to be resolved quickly and effectively.

Talk to the person

The first step in resolving almost any employee issue is ostensibly the simplest: talk to the person. It’s remarkable how reluctant many business owners and managers are to initiate  such a conversation.
It’s important to communicate honestly, openly and clearly with your employees. Whether it is performance or conduct that is not up to scratch, it’s also a good idea to have such conversations early, rather than letting things fester.
Plan for a successful conversation
Before initiating the above conversation with your problem employee, you should plan it out and write down a few bullet points such as:

  • What behaviours are giving cause for concern?communication
  • Do I have specific examples I can quote?
  • What are the observed or potential consequences of those behaviours?
  • What improvements in behaviour would make me feel confident that the employee has understood my concerns and knows what results I am looking for?
  • How shall I respond if the employee becomes emotional, angry or defensive?
  • How will I monitor their future behaviour?
  • When shall we meet again to discuss whether the improvements have actually taken place?
  • What shall I do if they are not forthcoming?

The answers to these questions will give you a robust framework for the discussion.

STRATEGIC ALLIANCES

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STRATEGIC ALLIANCES.

Alliances

 In the current economic climate, businesses must look at new ways to win customers. As such, many firms are now looking at strategic alliances which allow them to access new segments of the market.

If properly executed, a strategic alliance can be good for business and good for the consumer. A strategic alliance is similar to a joint venture, in that everyone remains an individual entity but comes together for a single purpose or period of time to create something that could not otherwise be created.

There are challenges that business owners and managers must consider before entering into a strategic alliance with another business. For instance, evaluating each partner’s value and capabilities is mandatory before agreeing to an alliance. The who, what, where, when and why questions all need clarification, with failsafe measures which must be agreed and documented before commencing the strategic alliance.

Here are some considerations for any business considering a strategic alliance:

Agreeing to the Terms

It is necessary to identify the areas of interest that are yours and to also identify the areas of interest that are relevant to the other partners. Strategic interests must be similar, and products or services comparable. The figures must add up – each partner must have enough economic benefit for each to remain committed. There must be an operational agreement in place, and it is advisable to engage the services of a lawyer in order to draft this and other terms.

Assessing Contributions

What do you or each partner bring to the alliance? What is each person’s purpose and goals? Does each partner have something unique to offer which adds value to the business relationship?

Defining and Measuring Progress

Who is going to define or handle sales? What target market will be pursued and when? How will the revenue be generated and distributed? What will occur if the measurements aren’t met? A reporting structure should be agreed and put in place. Regular meetings (perhaps monthly or bi-weekly) should be scheduled and all key stakeholders should attend.

In summary, creating a strategic alliance is not something to be taken lightly.

 

PR PROGRAMMES MUST HAVE OBJECTIVES

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PR PROGRAMMES MUST HAVE OBJECTIVES

In order to maximise return on investment, PR programmes should serve an actual purpose. PR for the sake of PR will most likely fail to produce a tangible result. Instead, each PR programme your business undertakes should tie in with at least one strategic objective of your enterprise. For example, your strategic objective could be to target more customers in a certain socio-economic group, or to encourage a repeat purchase.

As an industry, PR is packed full of creative people who can generate unique ideas to help you. However, all of this creativity means very little unless it is working towards a specific purpose. The starting point for any campaign, therefore, must be to identify what the commercial objectives of the business are. Business owners should consider “what success looks like” if everything goes to plan; the business should then be able to measure or quantify that success. Only at this point should you get creative and come up with the ideas to create the standout PR campaign that the business needs.

pr programmes

An effective PR campaign will capture the attention of the media, as well as the interest of your clients and prospects. Such a programme should aim to engage with the target audience and communicate a “call to action” in order to help the business achieve its objectives.

Remember that the profile of your brand is critical to your success. Increasingly, consumers buy products and services from companies because they value or respect the brand. Customers tend to look at the detailed features and benefits of a product or service second. The key, therefore, is to make your brand your target customer’s first choice.

Your business must live up to its brand promise and deliver what clients expect it to deliver. Your PR programme should reinforce this.

OUTSOURCING HUMAN RESOURCES

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OUTSOURCING HUMAN RESOURCES.

In today’s challenging business environment, many businesses are turning to outsourcing as a way to reduce costs. It is not uncommon for firms to outsource functions such as IT, payroll, back office functions etc. Now, however, firms are beginning to consider the potential of outsourcing human resources (HR).

The benefits to a business are simple: lower operational costs and increased efficiency, as the outsourced provider will generally commit to a service level agreement (SLA). However, is outsourcing HR really a viable business solution?

hr-outsourcing-101-3-638

Reduced Costs

A business can save money by outsourcing HR: tax contributions, employee benefits, desk space etc can all be saved as a result of removing the need for direct employees. In the quest to secure the best value for money, some businesses outsource their HR function to offshore firms that have considerably cheaper labour costs than the UK. This saving can then be passed on to the client.

More Efficient Service

Because of the specialisation of these third-party service providers, the quality of service required by a company can be met consistently.

In an outsourcing scenario, front line services would still need to be delivered in the UK (assuming this is where the business is based). However, customer service, back office functions etc can be delivered efficiently from offshore locations using high speed internet connections, phone systems, video conferencing, email etc.

Just like any other aspect of running a business, outsourcing HR has its positives and negatives. The positives, as we have identified, are the cost savings and increases in efficiency. On the negative side, outsourced HR people do not know the business as well as an in-house HR team would. As a consequence, they won’t understand the strengths and weaknesses of the firm’s team and may struggle to deliver real value.

 

ORGANIC GROWTH STRATEGIES

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ORGANIC GROWTH STRATEGIES.

Most businesses want to grow, but with less bank finance available these days it’s not easy to just buy out a competitor. If you can’t grow by “mergers and acquisitions”, you need to develop a strategy to grow your business organically which can prove a much slower process.

Organic growth is especially prevalent during the early stages of a company’s commercial establishment, but opportunities continuously present themselves if you listen to the market. So, if your firm is committed to meeting the needs of its customers and is commercially driven with a good control over costs, you can use the following strategies to drive business growth.

ansoff-matrix

Market Penetration

Also known as the “Protect and Build” strategy, this conservative approach sees a company consolidate and stabilise its position in the market by selling more existing products to existing customers. To make this cross-selling approach work, your firm will need to leverage existing resources and capabilities; this will allow your business to capture a larger share of existing markets. This strategy is low risk as you wont need to launch new products or services – instead, just focus on selling more to existing clients and contacts.

 Product Development

A product development strategy focuses on creating new products or services and introducing them to existing customers. If your business is good at creating new innovations then it is probably well positioned to use this strategy. The key is utilising market research in order to identify a need or gap in the market for a new product or service. If there is potential demand and you launch the right product or service, then you stand a reasonable chance of success. There is an element of risk inherent in this strategy, as developing new products requires investment from the business.

Market Development

This approach involves the promotion of existing products into new markets. These could be industry sectors or geographical territories. This approach requires the firm to invest in market research to define which markets are best to target. There is an element of risk to this strategy, as it requires both time and money in order to conduct the research and to develop appropriate marketing campaigns.

 Diversification

This can be a risky growth strategy because to diversify means creating new products or services and selling them into new markets at the same time. There are a lot of “unknown unknowns” involved, such as the competitor landscape and the needs / requirements of customers in that market. There is also risk inherent in the fact that the company is somewhat reliant on the strength of its brand in a market that is not necessarily familiar with. However, diversifying can give the company an opportunity to really grow if the new product / service is well received and the new target market is big enough.

 

MENTORING

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MENTORING. mentoring

 Business leaders are not born – they are created. Effective training and mentoring are the foundations of most successful managers, chief executives or business owners. Business leaders of the future must learn from those that are in leadership positions today.

Future proofing your business means investing in your people to create the next generation of managers.  A willingness to learn and sometimes sacrifice in order to reach goals is an absolute requirement in today’s fast-moving corporate environment – but somebody needs to guide the next generation.

Training is important in any field. Proper training is even more important in today’s demanding business environment. As a business owner or manager you should invest in the future of your business by mentoring those who are willing to learn. These people will take your business to new heights. They will bring fresh insight and in years to come keep the business moving forward.

In choosing to become a mentor for one or two talented people in your team, you should prepare to impart your knowledge, experience and tips for success. The advice and instruction that you give could be invaluable to the future of your business.

Natural talent is very difficult to find. However, if you have one or two talented people in your team take them under your wing and help them to develop their skills. Those that are mentored will bring an eagerness and flow of new ideas to your business. Your mentoring programme should be built on the following foundations:

  • Providing career development advice
  • Offering your future managers / leaders an opportunity to develop new skills and expertise
  • Providing access to new, commercial perspectives
  • Enhancing networking opportunities for your team
  • Setting goals (SMART objectives)

Refining organisational awareness and “big picture” thinking.